The price of Bitcoin remained flat on Thursday, February 17th. However, the major altcoins fell in the last 24 hours. The world’s favorite cryptocurrency was down slightly by 0.23 percent at $44,002.67 at 0830 hours Thursday, according to CoinMarketCap. Investors remained wary even after Russia began withdrawing its forces from Ukraine’s borders. However, there has been no official announcement from Russia regarding this. Western countries warned on February 17 of an increased Russian military presence on Ukraine’s borders. The head of British Defense Intelligence said more armored vehicles, helicopters and a field hospital had been spotted.
All eyes were on the US Federal Reserve as the central bank may raise interest rates sooner than expected to tackle rising inflation. However, cryptocurrency experts were certain that the cryptocurrency would not experience another tumble in January anytime soon.
Bitcoin price prospects
Commenting on the Bitcoin price forecast, WazirX Trade Desk said, “Bitcoin continued to consolidate around the $44,000 level. Currently, the RSI for BTC is near 60, which indicates a strong position. On the 4-hour time frame, the Bitcoin trend movement is within a pattern. Triangle The next resistance is expected at $46,500 and the immediate support at $39,300.”
Low ether prices, what experts say about the future
Ether, the second largest cryptocurrency by market capitalization, has lost significantly over the past 24 hours. The cryptocurrency fell 1.27 percent to #3125.77 in one day, according to CoinMarketCap. Ethereum maintained its position above the $3,100 level for the second day in a row. on the weekly chart,
Ethereum trend indicates a retest of the support level. The next resistance for Ethereum is expected at $3,400. Meanwhile, Twitter enabled users to receive and send tips in Ethereum which is another big step in terms of large companies’ eagerness to adopt cryptocurrencies, trade bureau WazirX said.
Tether, XRP, and Dogecoin all added losses in the last single day. Tether fell by 0.01 percent, to settle at $1.00. BNB shares witnessed a sharp decline of 1.06 percent to $428.24. XRP fell by 0.27 per cent, to $0.8354. Cardano, another popular cryptocurrency, lost 1.11 percent to $1.09. Solana fell 2.94 percent, the highest among the top 10 cryptocurrencies, to $100.48, according to CoinMarketCap.
Russia’s upcoming military moves continue to be closely watched around the world as investors remain partially skeptical of a complete de-escalation of initial tensions. Besides the many uncertainties from rising interest rates and quantitative easing, the macroeconomic environment remains very risky. Not surprisingly, risky assets such as stocks and cryptocurrencies remain relatively range-bound, with speculators unwilling to take a directional view. More broadly, the inflows of funds from institutional investors into cryptocurrencies indicate clear optimism that digital assets are the future of our global economy.”
Reuters reported that the risk of Russian aggression against Ukraine would remain high for the rest of February, and Russia could still attack Ukraine “with essentially no or no warning,” according to a senior Western intelligence official.